RRSP Loans

If you don't have money available to contribute to an RRSP then using an RRSP loan to make your contribution can make sense.

RRSP loan rates are very low so you won't pay a lot of interest over the term of an RRSP loan. However, the tax refund that you can receive when you use your RRSP loan to make even a small RRSP contribution is usually much more - even 10 times more than the interest you'll pay on the loan. Plus you'll earn interest on your RRSP investment!

Of course you want the best options for your circumstances. Speak to a Ganaraska Financial Credit Union Representative to help figure out the best choices for you.

RRSP Line of Credit

With a Ganaraska Financial Credit Union RRSP Line of Credit you can apply once and borrow money at a low rate every year to contribute to your RRSPs.


• Establish a RRSP loan credit limit and then, with one phone call, borrow up to that limit for RRSPs every year without re-applying
• Use your tax refund to pay off your loan - you can wait up to 90 days to begin repaying your loan, and you can make loan payments at any time
• Weekly or accelerated bi-weekly payment schedules -repay your loan quicker
• Easy to set up – apply online or visit a branch close to you

Catch-Up RRSP Loan

A Ganaraska Financial Credit Union Catch-Up RRSP loan helps you take advantage of unused RRSP contribution room. Maximize your RRSPs: use a longer loan term to "catch up" on large amounts of unused contribution room or to lower your monthly payments.

Product Benefits:

• Allows you to 'top-up' annual contribution and in doing so, increase your tax refund
• Flexible repayment options
• Local approvals
• Competitive rates

 Apply Online using a secure application form
 Visit your closest branch to speak to a GFCU Member Service Representative



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